Tanzania to see upstream consolidation
French independent Maurel & Prom is seeking to expand its Tanzanian portfolio
Euronext-listed Maurel & Prom and AIM-listed independent Wentworth Resources have reached an agreement for the former to acquire all the latter’s shares. Wentworth is recommending its shareholders accept M&P’s offer of 32.5p per share for a deal valued at around £61.7mn ($75.2mn), up from a previous offer made back in September. The two firms are already partners in the Mnazi Bay gas project in Tanzania, where they have an established relationship. M&P is the operator with a 48.06pc stake, Wentworth holds 31.94pc and state-owned Tanzania Petroleum Development Corporation has the remaining 20pc. “Increasing our stake through the acquisition of Wentworth is a logical step and
Also in this section
20 May 2024
Not for the first time, a foreign oil company-led project in Iraq’s Kurdistan region is dealing with the aftermath of a deadly drone attack
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way